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.The coronavirus or COVID-19 pandemic poses severe economic challenges to the Euro area, Vice President Luis De Guindos said while presenting the 2019 ECB annual report to the European Union (EU) lawmakers on Thursday.

Further comments

Europe and the world are facing an economic contraction of extraordinary magnitude and speed.

Inflation is likely to fall much further in the coming months.

We continue to stand ready to make further adjustments to our monetary policy measures.

Our response will be made more powerful if all policies reinforce each other.

ECB under jurisdiction of European Court of Justice (ECJ).